Insurance Requirements

Depending on the type of loan program you are seeking, you or your builder will have to carry certain types of insurance.

While building:

General Contractors must have Builder's Risk and General Liability and Worker's Compensation coverage.

Owner Builders must carry Course of Construction (same as Builder's Risk, but not a commerical policy) and personal liability. They can often waive the worker's compensation requirements. Typically, you can find a new homeowner's policy with a "course of construction" clause or rider attached for the time you are building.

If your land is in a flood zone, you will need flood insurance.

After Building Is Complete:

In all instances, once the home is complete you will need a regular homeowner's policy.

Start with Requesting More Information in order to speak with a representative.